Stock market today: Live updates

Wednesday’s consumer price index data release for July is likely to show a rise of 0.2% month over month, according to economists surveyed by Dow Jones. In June, CPI actually declined 0.1% month over month.

However, economists do expect CPI to be up 3.0% year over year, the same as the prior reading.

The core CPI reading, which excludes food and energy prices, is also expected to show an increase of 0.2%. Core CPI rose 0.1% month over month in June.

— Jesse Pound

Here are some of the notable stock moves in extended trading Wednesday.

Alphabet — Shares of the tech giant fell less than 1% after Bloomberg News reported that the Justice Department is considering a push to break up Google. The report comes after Alphabet lost an antitrust case over its search engine last week.

Flutter Entertainment — Shares of the gaming company surged more than 10% after second-quarter results beat expectations. The parent company of Fanduel reported $3.61 billion in revenue, topping the $3.40 billion expected by analysts, according to LSEG. Flutter also raised its full-year guidance.

Nu Holdings — Shares of the Brazil-based financial firm rose 3.5% after a stronger-than-expected second quarter. Nu reported $563 million in adjusted earnings on $2.85 billion of revenue. Analysts were expecting an adjusted profit of $460.3 million on $2.57 billion of revenue, according to FactSet.

— Jesse Pound

Starbucks announced Tuesday that it’s replacing CEO Laxman Narasimhan with Chipotle CEO Brian Niccol, effective immediately, sending shares higher by 24.5% during Tuesday’s trading session. The stock closed at $95.90 per share.

Here’s what analysts have to say about it:

• Bank of America: Niccol has a skill set that’s “well-suited” for a Starbucks turnaround given his expertise and track record of execution at Chipotle, analyst Sara Senatore said on the announcement. Senatore expects an immediate focus on Starbucks’ brand and marketing strategy. She kept her buy rating and a bullish $112 price target.
• Morgan Stanley: Analyst Brian Harbour maintained his overweight rating and $98 price target — among the least bullish of several analysts’ calls. “We think this will be viewed as an unmitigated positive for SBUX,” Harbour said, referring to the CEO transition as a strong catalyst for shares. Still, he emphasized that “Starbucks is not Chipotle, with a more complicated global business, licensed partners, and real challenges with retail operations/labor (arguably the most important factor today).”
• Wells Fargo: “The SBUX bull case is playing out with Elliott, Starboard & arguably the top CEO in the industry joining forces,” analyst Zachary Fadem said. He kept his overweight rating and raised his price target by $15 to $105, and said the move is a big win for Starbucks that warrants a higher P/E.
• TD Cowen: Analyst Andrew Charles, meanwhile, upgraded the stock to buy and upped his price target by $24 to $105. Niccol is the “right person for the job” following his successful tenure at Chipotle and Taco Bell, he said, adding that “the SBUX playbook is similar to CMG in 2018.”

— Pia Singh

Atlanta Federal Reserve President Raphael Bostic said he’s encouraged by recent economic data and expects the central bank to lower interest rates by the end of the year.

“I am willing to wait, but it’s coming,” Bostic said, speaking at an event in Atlanta. A voter this year on the Fed’s rate-setting open market committee, Bostic said he wants to see “a little more data” before making a decision.

Traders expect the Fed to enact its first cut in more than four years when it meets in September.

—Jeff Cox

Equity futures were calm when trading reopened at 6 p.m. in New York. Futures for the Dow, S&P 500 and Nasdaq 100 were all within 0.1% off the flatline.

— Jesse Pound